Fashionable rental, presenting view of bay (5)
I believe the answer is:
inlet
'view of bay' is the definition.
'inlet' can be an answer for 'bay' (I've seen this before). I am not certain of the 'view of' bit.
'fashionable rental' is the wordplay.
'fashionable' becomes 'in' (in can mean fashionable or trendy).
'rental' becomes 'let' (I am not sure about this - if you are sure you should believe this answer much more).
'in'+'let'='INLET'
'presenting' is the link.
Can you help me to learn more?
(Other definitions for inlet that I've seen before include "Bay or recess" , "Strip of water extending from sea into land" , "Entry; arm of the sea" , "Small bay or creek" , "One's up the creek here" .)